Torrance strip mall on Hawthorne Boulevard sells for $4.5 million

A Torrance strip mall on Hawthorne Boulevard, considered one of the most prestigious and profitable retail areas in Southern California, has sold for $4.5 million, according to brokers representing the seller.

The sale price works out to $1,064 per square foot, the highest price for a multitenant strip center property in the county this year, said Kevin T. Fryman, a vice president with Irvine-based Hanley Investment Group Real Estate Advisors.

He represented the seller, an unidentified private Torrance investor, in the deal for the building, which was built in 2005.

The 4,229-square-foot property is fully leased by a 7-Eleven convenience store and a Coffee Bean & Tea Leaf location at the southwest corner of Hawthorne and Del Amo boulevards.

"7-Eleven and The Coffee Bean & Tea Leaf (building) was seen as a true trophy property due to its high-profile location, corporate leases and the quality of construction," Fryman said.

Torrance municipal officials have said previously that many chain retailers have some of their highest-grossing locations along Hawthorne Boulevard.

The sale price could have been even higher; the original asking price was $4.62 million.

"With a sales price over $1,000 per square foot and multiple all-cash offers, this sale demonstrates the investment community is willing to pay a premium for `A' properties," said Carlos J. Lopez, a real estate adviser at Hanley, who co-represented the seller with Fryman.

The buyer was an unidentified private overseas investor.

Hanley Investment Group Real Estate Advisors is a boutique retail investment firm with a transaction track record of more than $3 billion.